Dhaka: Energy-starved Bangladesh has struck oil reserves in the country's northeastern region with an extractable reserve of at least 55 million barrels worth USD 5.5 billion.

Petrobangla is announcing with pleasure that Bangladesh has entered a new ear through the discovery of a profitable oil reserve in (northeastern) Haripur and Kailashtila, state-run Petrobangla's chairman Hossain Monsur told a press conference.

He said the approximate market price of the extractable oil varies from Taka 42,000 crore to Taka 45,000 crore while it could be extracted within next one and half years as around 137 million barrels of proven oil reserve were found in two gas fields.

The announcement came as Bangladesh Petroleum Exploration and Production Company Limited (BAPEX), an affiliate of Petrobangla, carried out the 3D seismic survey in Kailashtila and Haripur.

Bangladesh currently has a proven gas reserve of around 10 TCF, official sources said.

Petrobangla is now supply about 2160mmcf daily against the demand of 2500mmcf. (Agencies)